Question

I found out this morning that a debt in collections ( that I have been making payments on monthly) has been taken back by the original owner of the debt. I have yet to receive details on what will happen next. Is it possible to make the collection agency that no longer owns this debt remove all information that they have reported on my credit report? I am hoping that when I get in contact with the original debt owner that they will keep the debt and make a payment plan with me. I am also concerned that they will just pass it to a different collections agency and the debt will be reported for a second time by a different agency. Any advice will be greatly appreciated!!!

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statue of limitations

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I have several debts that have had no activity in over 3 years (statute of limitations in my state is 3 years), this is unsecured debt some of which was not even in my individual name but my corporation and a collection agency has decided to sue me for one of these debts. I had to borrow money to hire a Lawyer to represent me, the debtor has now continued the case which will cost me more money - is there anything I can do? My Lawyer said this is just one of many cases I will have to face & I need to file Bankryptcy - I can't afford the pmts for BK - now what?

The collection agency had the account for collection and were making reports to the credit bureau, therefore their report will remain for 7 years after the date of last action by you on that account. The original creditor may have had some logical reason for buying back the debt, but that is their decision. All accounts that are active will be reported since they are part of your credit history. Truth cannot be changed.

i believe the practice of collection agencies selling your debt to multiple agencies is unfair. i had a debt that was sold to 6 collection agencies! on my report, 6 collection agencies were reporting delinquincy for 1 debt! it appeared as though i had 6 delinquent accounts instead of just 1 deliquent account! even after the debt was paid, i had to notify all 6 collection agencies to update my report!

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